Question

A partner can be held liable for a partnership obligation only if he or she participated in, or knew about, whatever it was that gave rise to the obligation.

Answer 1

A partner cannot be held liable for a partnership obligation only if he or she participated in, or knew about, whatever it was that gave rise to the obligation.

What is partnership?

Partnership arrangements come in many different forms. One type of business where partners may have minimal liability is a partnership where all participants share profits and liabilities equally. Additionally, there is the so-called "silent partner," when one party does not participate in the day-to-day management of the company.

• An agreement between two or more people to manage a business' operations and divide its assets and liabilities is known as a partnership.
• All partners in a general partnership corporation split the company's assets and debts equally.
• Lawyers and other professionals frequently create limited liability partnerships.

A partnership may have tax advantages over a corporation.

To learn more about partnership from the given link:

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